Some economic pains come from corrections from inside the system. Those are good things. Artificial interest rates propping up an economy that should have self corrected 100 times already have made those internal corrections impossible. So the folks who think it's a good thing are just mistaken in their belief that it's a healthy pain.

On a positive note, it looks like we have emerged from the 2009-2012 bizarro world where RWN's insisted that governments fiscal plans do not impact the economy or jobs. Its like some completely forgot that they spent a few years insisting that government spending and taxes have no impact on the economy.

The Federal Reserve has the ability to completely counteract the fiscal cliff. They have tools to boost or slow demand if they want to. An economy does not require massive government spending to keep demand from falling apart. But the Fed has made it clear the last few years that they will not do their job and that they require help from the federal deficits to do their job. Bernanke knows better, he has said as much....so it must be the rest of the Fed that wants massive gov't deficits.

On a positive note, it looks like we have emerged from the 2009-2012 bizarro world where RWN's insisted that governments fiscal plans do not impact the economy or jobs. Its like some completely forgot that they spent a few years insisting that government spending and taxes have no impact on the economy.

Click to expand...

RWNs opposed Dumocrat policies specifically because they are certain government fiscal plans do impact the economy and jobs.

Under those fiscal conditions, which will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half. Given the pattern of past recessions as identified by the National Bureau of Economic Research, such a contraction in output in the first half of 2013 would probably be judged to be a recession.It looks like the recession, if it occurred at all, would last no more than 6 months.

They won't let it happen, if they make it so uncomfortable to live that no one can afford their super cheapo giant TeeVee's and and Xbox, and gas and grocieries go through tht eroof, people will honestly start talking about open revolt. Thing is, in this country, everyone owns a weapon, it's likely a group mob event in protest wouldn't be as easily quelld as they are in countries like Greece.

We are not currently in a recession. We are not currently in a depression. There are very clear economic indicators which signal if either of those two things are either occuring or about to occur.

There are economists who believe we are going to enter another recession, fiscal cliff or no fiscal cliff, within the next four months, or by the end of 1Q13. They base their projections on the current recessionary aspects of some sectors of our economy. The important thing every person must do is closely examine these reports, pay attention to indicators, and do some research. [If you really believe we are going to enter another recession then take necessary steps to preserve your wealth.] Whatever happens, don't buy into the concommitant hysteria.

Its very easy for some individuals to feel as though we are in a recession now because the US recovery has been spotty at best. There are also areas of the country that have only marginally benefited from our recovery. This recovery began in 2009 and has been unlike any other recovery in US history. Another recession now would be devastating. To believe a recovery after another recession would be a 'quick turn-around' has either been absent from Earth the last four years or is brain dead.

Whatever you hear, remain calm and focused. There is going to be a lot of anxiety-producing crap publically spewed within the next six months.

Under those fiscal conditions, which will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half. Given the pattern of past recessions as identified by the National Bureau of Economic Research, such a contraction in output in the first half of 2013 would probably be judged to be a recession.It looks like the recession, if it occurred at all, would last no more than 6 months.

Click to expand...

So given their May estimate of growth being 4.4% the reduction is 3.9% not 1%.

Economic estimates for the next year have not improved since May last I checked.